White silhouette of a trophy and capitalized white text atop the image of the badge of a red ribbon, all on a white background.
US PAT 2762146
The term "wolf" or "wolfish" refers to someone that is savagely hungry or eats a lot of food. This button offers a First Prize for someone that is a "Wolf", or especially hungry all the time.
This button is part of a series of ironic "First Prizes" that offer an award for something that is generally seen as humorous, but negative.